GST rulings - summaries
GSTR2005/1
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Goods and services tax: the GST implications of the purchase of fuel using a fuel card
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GSTR 2004/4
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Goods and services tax: assignment of payment streams including under a securitisation arrangement
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GSTR 2004/1
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Goods and services tax: reduced credit acquisitions
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GSTR 2003/9
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Goods and services tax: financial acquisitions threshold.
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GSTR 2002/2
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Goods and services tax: GST treatment of financial supplies and related supplies and acquisitions
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GSTR 2001/8
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Goods and services tax: apportioning the consideration for a supply that includes taxable and non-taxable parts
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GSTR 2001/2
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Goods and services tax: foreign exchange conversions
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GSTR 2000/22
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Goods and services tax: determining the extent of creditable purpose for providers of financial supplies.
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GSTR 2000/13
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Goods and services tax: accounting on a cash basis
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GSTR 2000/11
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Goods and services tax: grants of financial assistance.
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GSTR 2000/2
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Goods and services tax: adjustments for bad debts
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GSTR 2005/1 Goods and services tax: the GST implications of the purchase of fuel using a fuel card.
This Ruling explains the application of the A New Tax System (Goods and Services Tax) Act 1999 (the GST Act) and the A New Tax System (Goods and Services Tax) Regulations 1999 (the GST regulations) to transactions involving the purchase of fuel using a fuel card.
GSTR 2004/4 Goods and services tax: assignment of payment streams including under a securitisation arrangement.
This Ruling explains the Commissioner's view on how the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) and the A New Tax System (Goods and Services Tax) Regulations 1999 (GST regulations) apply to the supply of rights to a payment stream by means of an assignment.
In particular this Ruling deals with the supply of a right to a payment stream arising from the following types of transactions:
- loan portfolios
- finance and operating leases
- hire purchase agreements
- residential/commercial property leases
- royalty agreements, and
- credit card receivables.
This Ruling also deals with issues related specifically to debt factoring and securitisation arrangements. It does not cover circumstances where there is:
- a mere redirection of a payment from one entity to another, and
- a novation of an agreement that gives rise to an income stream.
GSTR 2004/1 Goods and services tax: reduced credit acquisitions.
This Ruling explains the application of Division 70 of A New Tax System (Goods and Services Tax) Act 1999 (GST Act) and Division 70 of Part 4-2 of A New Tax System (Goods and Services Tax) Regulations 1999 (GST regulations) in relation to reduced credit acquisitions.
This Ruling provides guidance on which acquisitions are reduced credit acquisitions that entitle a financial supply provider to a reduced input tax credit under Division 70 of the GST Act.
This Ruling applies to all entities that are registered or required to be registered that make financial supplies and exceed the financial acquisitions threshold.
This Ruling deals only with acquisitions listed in sub-regulation 70-5.02(2) of the GST regulations. It does not deal with concepts stated or acquisitions listed in regulations 70-5.02A, 70-5.02B or 70-5.02C. Acquisitions listed in sub-regulation 70-5.02(2) are reduced credit acquisitions.
This Ruling is to be read in conjunction with GSTR 2002/2, Goods and services tax: GST treatment of financial supplies and related supplies and acquisitions.
Issued: 25 February 2004.
GSTR 2003/9 Goods and services tax: financial acquisitions threshold.
This Ruling explains:
- how Division 189 of the GST Act affects your entitlement to input tax credits for acquisitions relating to financial supplies
- when you exceed the financial acquisitions threshold
- the meaning of the terms 'likely to make', 'financial acquisition', 'borrowing' and 'relates to' for the purposes of Division 189
- what is included in calculating the amount of the input tax credits to which you would be entitled in relation to financial acquisitions (first limb test)
- what is included in calculating the total amount of the input tax credits to which you would be entitled in relation to all acquisitions and importations (second limb test)
- how an entity that is a member of a GST group exceeds the financial acquisitions threshold
- the application of the financial acquisitions threshold to members of a GST religious group
- how an entity with GST branches determines whether it exceeds the financial acquisitions threshold
- how non-profit sub-entities determine whether they exceed the financial acquisitions threshold
- the interaction of Division 72 with the financial acquisitions threshold
- the interaction of Division 84 with the financial acquisitions threshold, and
- how often the financial acquisitions threshold should be tested.
Issued: 14 May 2003.
GSTR 2002/2 Goods and services tax: GST treatment of financial supplies and related supplies and acquisitions
The Ruling explains and clarifies what is, and what is not, a financial supply under Division 40 of the GST Act and Part 3-1 of the GST regulations. The Ruling also provides guidance on the types of acquisitions that are reduced credit acquisitions and entitle a financial supply provider to a reduced input tax credit under Division 70 of the GST Act and Part 4-2 of the GST regulations.
The Ruling explains that it applies to all entities that are registered or required to be registered that make, or facilitate the making of, financial supplies. The Ruling includes many examples that demonstrate the Ruling's application. It also incorporates two schedules. Schedule 1 contains a glossary of terms explaining the financial terms and products mentioned in the Ruling. Schedule 2 sets out the GST treatment of a range of supplies commonly provided by financial institutions and the fees that apply to those supplies.
Issued: 26 June 2002.
Addendum GSTR 2002/2A.
This Addendum amends Goods and Services Tax Ruling GSTR 2002/2 to clarify the treatment of reduced credit acquisitions, to correct minor mistakes, and to ensure that it is consistent with other GST Rulings.
Issued: 25 February 2004.
GSTR 2001/8 Goods and services tax: apportioning the consideration for a supply that includes taxable and non-taxable parts.
This Ruling explains how you can identify whether a supply includes taxable and non-taxable parts under the A New Tax System (Goods and Services Tax) Act 1999 (the GST Act). The Ruling describes the characteristics of supplies that contain taxable and non-taxable parts. It refers to these supplies as mixed supplies. It also describes the characteristics of supplies that appear to have more than one part but that are essentially supplies of one thing. These supplies are referred to as composite supplies.
The Ruling provides methods and examples that you may use to help you work out how to apportion the consideration for a mixed supply. This means that you can identify the consideration for the taxable part of the supply. The Ruling explains that you do not need to apportion the consideration for a composite supply.
The Ruling also discusses how you can work out the value of the taxable part of a mixed supply under sections 9-75 and 9-80 of the GST Act.
This Ruling also applies to the valuation of the separate parts of a mixed supply that includes food. Goods and Services Tax Determination GSTD 2000/6 explains the circumstances where a supply of food packaging is GST-free.
This Ruling does not deal with the apportionment of input tax credits. Goods and Services Tax Ruling GSTR 2000/15 is about determining the extent of creditable purpose for claiming input tax credits and for making adjustments in the extent of creditable purpose. It also explains several possible methods for determining the extent of creditable purpose.
Issued: 19 December 2001.
Addendum GSTR 2001/8A Goods and services tax: apportioning the consideration for a supply that includes taxable and non-taxable parts.
The ATO's Tax Reform website was decommissioned on 11 August 2003. This Addendum amends Goods and Services Tax Ruling GSTR 2001/8 to update references to the website.
Issued: 15 October 2003.
GSTR 2001/2 Goods and services tax: foreign exchange conversions.
This Ruling explains how to convert amounts of consideration that are expressed in foreign currency into Australian currency for GST purposes. Section 9-85 of the GST Act allows the Commissioner to determine the manner of working out the consideration in Australian currency where it has been expressed in a foreign currency. This Ruling discusses the Commissioner's Determination and how it can be used for the purposes of the GST Act. A copy of the Determination is attached at Schedule 1 to the Ruling.
The additional approved form requirements for tax invoices and adjustment notes where the consideration is expressed in a foreign currency are provided in the Ruling. This Ruling examines how the manner stated in the Determination can apply to the price for a supply where the GST on the supply is 'reverse charged' and where the price is expressed in a foreign currency.
The Ruling provides a basis on which you can calculate your input tax credit entitlement where the consideration for a creditable acquisition is expressed in a foreign currency. The Commissioner acknowledges that there may be limited circumstances where the recipient cannot base their input tax credit on the GST payable in Australian currency. This Ruling explains how you calculate the input tax credit in these circumstances.
This Ruling also explains how you can calculate an amount of an adjustment for an adjustment event where the consideration for the supply is expressed in a foreign currency.
Issued: 2 February 2001.
GSTR 2000/22 Goods and Services Tax: determining the extent of creditable purpose for providers of financial supplies.
This Ruling provides guidance on apportionment methodologies that can be used for calculating input tax credits and adjustments for change in use by providers of financial supplies under the GST Act.
This Ruling applies to all entities that make financial supplies, that meet the conditions contained in sub-sections 11-15(4) and 15-10(4), and are registered or required to be registered and may be eligible for input tax credits or reduced input tax credits.
Issued: 28 June 2000.
Addendum GSTR 2000/22A Goods and Services Tax: determining the extent of creditable purpose for providers of financial supplies.
This Addendum amends GSTR 2000/22 to reflect legislative changes to sub-sections 11-15(4) and 15-10(4), and the insertion of Division 189 that occurred after the ruling issued on 28 June 2000. The Addendum also amends GSTR 2000/22 to modify the table in paragraph 36.
Issued: 18 December 2002.
GSTR 2000/13 Goods and services tax: accounting on a cash basis.
This Ruling explains when you can choose to account for the GST on a cash basis under section 29-40 of the GST Act; and when the Commissioner will permit you to account on a cash basis under section 29-45 of the GST Act. This Ruling sets out the factors that the Commissioner will take into account in determining whether it is appropriate to permit you to account on a cash basis under section 29-45.
This Ruling explains when you have to cease to account on a cash basis under sub-section 29-50(1).
This Ruling provides guidelines on the application of sub-section 29-50(3) and the factors that the Commissioner will take into account in determining when it is no longer appropriate to permit you to account on a cash basis.
This Ruling also identifies the items from sub-section 62(2) of the Taxation Administration Act 1953 under which the decisions of the Commissioner regarding the use of the cash basis are reviewable.
Issued: 31 May 2000.
GSTR 2000/11 Goods and services tax: grants of financial assistance.
This Ruling deals with the application of the GST to grants of financial assistance and funding. The Ruling provides guidelines for working out when grants of financial assistance and funding constitute consideration for a taxable supply. The Ruling applies to grants made by governments and the private sector.
The Ruling also deals with the application of the Transition Act to grants.
Issued: 12 May 2000.
GSTR 2000/2 Goods and services tax: adjustments for bad debts.
This Ruling describes the circumstances in which adjustments arise for taxable supplies or creditable acquisitions where a debt is written off as bad or is overdue for 12 months or more. In particular, the Ruling explains the requirements for making adjustments to net amounts.
These requirements are set out in Division 21 and Division 136 of the GST Act.
Issued: 29 March 2000.
GST legislative determinations
Last Modified: Tuesday, 6 July 2004